ANALISIS KINERJA KEUANGAN DAN VALUASI RELATIF PT. TUNAS BARU LAMPUNG TBK. TAHUN 2020–2024

Abstract

This study aims to analyze the financial performance and stock valuation of PT Tunas Baru Lampung Tbk (TBLA) as one of the largest integrated agribusiness companies in Indonesia during the period 2020-2024. The study uses a quantitative descriptive approach with financial ratio analysis and relative valuation based on the Aswath Damodaran framework. The financial ratios analyzed include liquidity, solvency, activity, and profitability, while relative valuation is performed using the Price to Earnings Ratio (PER), Price to Book Value (PBV), Price to Sales (P/S), and EV/EBITDA. The results show that TBLA has relatively adequate liquidity but is declining, a capital structure that is highly dependent on debt, and efficiency and profitability that have been under pressure in recent years. In terms of valuation, TBLA shares are trading below their book value and have low PER and P/S ratios, indicating potential undervaluation by the market. The novelty of this research lies in the integration of Damodaran's financial performance and relative valuation analysis on diversified agribusiness companies in the context of global economic uncertainty and commodity price fluctuations. The findings of this study are expected to serve as a reference for investors, company management, and academics.